SOFAR’S CURRENCY RESERVES MAKE SOME $1BLN 250 MLN
The Fund’s expenses are confirmed by the Milli Majlis in accordance with the Law of the Republic of Azerbaijan “On Budget System”.
Reportedly, the Fund will transfer AZM 585mln to the State Budget next year.
Besides, some AZM 110,3 mln will be spent on improvement of social and economic conditions of refugees and IDPs, AZM 38 mln – on Fund’s share in the BTC Pipeline as well as AZM 90 mln – on establishment of authorized capital stock of the State Investment Company and AZM 37 mln on Samur-Absheron Water Pipe reconstruction project.
After discussed at the Supervisory Board’s sitting of the Fund, the project of activity expenses would be presented to the President of Azerbaijan.
The currency reserves of the Fund are AZM 1bln 250 mln at the present.
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